The following interview is an excerpt from an upcoming Insider Intelligence research report series.
This report series will feature interviews with heads of digital and marketing at major US legacy and neobanks, uncovering strategies, challenges, and opportunities this year.
Upstart digital-only banks, known as neobanks , are on a growth tear.
Newly released Insider Intelligence forecasts show that by the end of next year, 1 in 10 US adults will have a neobank account.
One of the fastest-growing neobanks today is New York-based Current, founded in 2015. Our forecasts show that Current will have 4.0 million users at the end of 2021, which will more than double to 8.4 million in 2025.
The firm s hands-on approach could help it retain clients better than government programs.
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NatWest relaunched its small and medium-sized business (SMB) accelerator last week after shifting to an all-virtual model in response to the pandemic,
per a press release. The incubator will
give more than 1,400 UK businesses at various growth stages access to one-to-one coaching, a vast network of industry peers, and committed support from experts in their spaces. Insider Intelligence
In addition to focusing on companies that are quickly scaling their operations, the bank is putting increased emphasis on sustainability as it vets new candidates. To be eligible for the program, businesses must be NatWest customers.
Similar to its US counterparts, a strengthening outlook for the broader economy
enabled the bank to release $2.7 billion in loan loss reserves in Q1, spurring the positive growth. Alongside profits at BofA, digital customer service usage also expanded in two key areas appointment scheduling and interactions with the bank s virtual AI assistant, Erica.
The bank saw a substantial uptick in appointments scheduled through digital channels, and it should encourage customers to maintain the practice post-pandemic. The number of client-scheduled appointments made via online, smartphone, or tablet jumped 23% from the previous quarter.
recommended that financial institutions blend digital tools with physical branches to maximize convenience for customers, and BofA s increased use of digital for scheduling displays a willingness for such a service. By delegating more scheduling to its digital platform, BofA could create a more efficient in-branch experience and free up its employees to